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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Rental income $ 718,163 $ 616,822 $ 537,403
Other 235 273 92
Total Revenues 718,398 617,095 537,495
Operating Expenses      
Real estate taxes 52,231 46,882 40,092
Property operating expenses 33,773 26,349 24,961
Land lease expense 2,143 1,618 1,664
General and administrative 44,062 37,233 34,788
Depreciation and amortization 239,308 206,987 176,277
Provision for impairment 11,872 7,224 7,175
Total Operating Expenses 383,389 326,293 284,957
Gain on sale of assets, net 5,416 11,508 1,849
Loss on involuntary conversion, net (30) (67) 0
Income from Operations 340,395 302,243 254,387
Other (Expense) Income      
Interest expense, net (134,612) (108,904) (81,119)
Income and other tax expense (1,735) (4,306) (2,910)
Other income 941 799 189
Net Income 204,989 189,832 170,547
Less net income attributable to non-controlling interest 640 635 588
Net income attributable to Agree Realty Corporation 204,349 189,197 169,959
Less Series A preferred stock dividends 7,437 7,437 7,437
Net Income Attributable to Common Stockholders $ 196,912 $ 181,760 $ 162,522
Net Income Per Share Attributable to Common Stockholders      
Basic (in USD per share) $ 1.77 $ 1.79 $ 1.70
Diluted (in USD per share) $ 1.77 $ 1.78 $ 1.70
Other Comprehensive Income      
Net income $ 204,989 $ 189,832 $ 170,547
Amortization of interest rate swaps (3,770) (2,781) (2,519)
Change in fair value and settlement of interest rate swaps (816) 26,383 (4,501)
Total comprehensive income 200,403 213,434 163,527
Less comprehensive income attributable to non-controlling interest 624 715 565
Comprehensive Income Attributable to Agree Realty Corporation $ 199,779 $ 212,719 $ 162,962
Weighted Average Number of Common Shares Outstanding - Basic, (in shares) 110,723,375 101,099,252 95,191,409
Weighted Average Number of Common Shares Outstanding - Diluted, (in shares) 111,200,645 101,876,304 95,437,412